Aker ASA-Proving its worth in Cognite sale-07/01/2026

Research evidence excerpt

Aker ASA-Proving its worth in Cognite sale-07/01/2026

Aker ASA

NEWSFLASH | 1 JUL 2026

Proving its worth in Cognite sale

Schneider Electric has agreed to acquire Cognite for USD ~3.1bn. The transaction price implies a ~7.5% increase in Aker’s

self-reported NAV, with a meaningful share of proceeds likely distributed to shareholders. While hard to assess Cognite’s

ultimate potential, the valuation looks rich in our view with Cognite’s journey a blueprint to what has made Aker ASA such

an exceptional long-term investment. While AkerBP still represents its single most valuable position, the development of

Nscale (~26% of GAV based on Series C valuation) remains key to the investment case going forward, with favorable

risk/reward ahead of a likely IPO this fall. TP up to NOK 1425 (1300), ~equal to current NAV; BUY reiterated

Schneider to acquire Cognite; ~7.5% uplift to Aker NAV

• Aker (51%) and its co-shareholders have entered into an agreement to sell 100% of the shares in Cognite to Schneider Electric based on

an EV of USD 3.1bn. While there were expectations of a US IPO down the road, an outright sale was unexpected

• The transaction generates total cash proceeds to Aker of NOK ~14.7bn (including settlement of convertible), equal to NOK ~197/share.

• This implies a NOK ~100/share uplift vs self-reported NAV (based on transactions in 2021-22). A year back, a “high” self-reported NAV

on Cognite was seen as a key risk among investors, noting this narrative has changed in 2026

• Use of proceeds is not speci ed, with the company only noting the deal “considerably strengthens Aker’s nancial position and investment

capacity”. While debt has increased in recent quarters (following a period of deleveraging), net LTV of ~12% remains within the targeted

10-15% range.